Hi,
I would like some help on calculating the income tax for this salary structure.
I have tried a few online tax calculators but its all too confusing for me.
Yearly amounts
Basic: 100000
HRA: 50000
Other Allowances: 200000
Travel Allowance: 10000
Food Allowance: 12000
Medical Insurance: 1500
Employer's contribution to PF: 12000
Total: 385550
Employee's contribution to PF: 12000
Net: 373500
I would like to know which all components here are taxable and how the tax will be calculated. How much would I end up in hand every month?
Many thanks,
Johnny.

From India, Bangalore
PROFESSIONALS AND BUSINESSES PARTICIPATING IN DISCUSSION
Asdnats
Manager Hr
Johnny
Software

akm18
46

can u provide me the copy of SALARY SLIP.
THE STRUCTURE PROVIDED BY U IS NOT PRACTICAL AND AGAINST ALL NORMS.
ALTHOUGH FOR YOUR KNOWLEDGE, IF WE ASSUME THE SAME THEN TAX WILL BE APPROX. Rs. 3463 - Rs. 3500 PER MONTH.

From India, Bahadurgarh
use this worksheet thogh the year is 2006, since no major changes in Act for Salaried individuals this will compute your tax liability.. stan
From India, Mumbai

Attached Files (Download Requires Membership)
File Type: xls taxcalc_2006_ver_91_version_1_102.xls (125.0 KB, 222 views)

Hi
I can help You. But I need the break up details of other allowances. Are you staying in a rented accommodation? If so what is the rent. What is your saving and investments during the year( LI premium, mediclaim, Repayment of housing Loan, Children education Fees, Investments in deposits, infrastructure Bonds etc.,)
With regards,
Mani
PS: if you can, send me the salary statement of the year.

From India, Madras
vengadamanimuthukumar,
I do not have the break up of other allowances. This is a new offer that I have received recently. The only thing I know is that it is a taxable component.
I am staying along with my parents.
The only tax saving option that I have right now is an LIC premium of 15,000. Would a housing loan against buying land (no house built) be eligible for tax deduction?
I am also planning on getting a hdfc tax save mutual fund for an amount of 25-50k. What is your opinion on this?
Thanks to everyone for all the help. This forum rocks :)

From India, Bangalore

If you are knowledgeable about any fact, resource or experience related to this topic - please add your views.

Add Reply → Start New →






About Us Advertise Contact Us Testimonials
Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2022 CiteHRŽ

All Material Copyright And Trademarks Posted Held By Respective Owners.
Panel Selection For Threads Are Automated - Members Notified Via CiteMailer Server